The World Bank is currently advising newly industrialized countries on how to encourage growth and they have asked for your help.
Using the internet and other resources, research the factors behind economic growth in Hong Kong and Singapore. Which of these methods of encouraging growth would you suggest to a newly industrialized economy?
Identify current trends in macro and microeconomics.
Locate and interpret economic data, such as data on prices and quantities of specific goods and services, GDP, unemployment, and inflation.
Discuss the impact of technology on business.
The response addresses the queries posted in 399 words with references.
//The given discussion paper is based on the concept of economic growth in the various nations. The countries selected by me for the discussion are Hong Kong and Singapore. The deep analysis of the economic growth of both the countries is done in the first section of the discussion.//
Economic Growth in Hong Kong and Singapore
There is a spectacular economic growth in Hong Kong and Singapore. The high growth in production is due to an extraordinary growth in the manufacturing sector and the allocation of resources. The main elements that have contributed in the increased production of goods and services are labor, technology and capital. All these elements collectively are known as total factor productivity (TFP). The increase in labor unit with the increase in the amount of capital utilized has directed these economies towards technological progress which increases the output effectively. The three determining factors of growth in ...
The response addresses the queries posted in 399 Words, APA References.